Askari Metals Limited (ASX: AS2) (“Askari” or the “Company”) continued to strengthen its position as an emerging African-focused explorer during the quarter ended 30 June 2026, progressing exploration activities across its flagship Nejo Gold-Copper Project in Ethiopia and the Uis Critical Metals Project in Namibia. The Company remained focused on advancing high-priority targets, preparing for maiden drilling campaigns and maintaining disciplined capital allocation to maximise shareholder value.
Figure 1: Image showing the Nejo Gold-Copper Project in Ethiopia and the Uis Project in Namibia on a map of Africa.
Askari’s portfolio spans several high-demand commodities, including gold, copper, tin, tantalum and critical metals, giving the Company exposure to multiple exploration opportunities as it advances its projects towards drilling and further development.
Quarter at a Glance
The June 2026 quarter marked an important period of technical preparation and strategic consolidation for Askari. Rather than pursuing aggressive expansion, the Company focused on refining exploration targets, strengthening stakeholder relationships and preparing for extensive field activities.
Key highlights included:
- Continued advancement of the Nejo Gold-Copper Project in Ethiopia.
- Ongoing technical work across the Uis Critical Metals Project in Namibia.
- Multiple drill-ready targets identified ahead of maiden drilling.
- Continued focus on disciplined capital management and low-cost exploration.
- A strong pipeline of exploration catalysts expected throughout the coming quarters.
Nejo Emerges as Askari’s Flagship Growth Opportunity
The Company’s principal focus remains the 1,174 km² Nejo Gold-Copper Project, situated within Ethiopia’s highly prospective Arabian-Nubian Shield. The project occupies a strategic location surrounding the 1.7Moz Tulu Kapi Gold Mine and along strike from the 3.4Moz Kurmuk Mine, placing Askari within one of East Africa’s most significant gold and copper corridors.
Figure 2: Map showing the location of Askari Metals’ Nejo Gold Project relative to Ethiopia’s major gold deposits. [Source: Askari Metals’ 26 November 2025]
During the quarter, Askari refined its geological understanding of the project while advancing preparations for its maiden drilling campaign.
Initial drilling will concentrate on the Guji–Gudeya corridor, targeting the Guji, Komto 1 and Komto 2 prospects across an approximately 9-kilometre mineralised trend. The planned program aims to validate historical high-grade intersections, establish mineralisation continuity and better define the geometry of mineralised zones.
Figure 3: Drill hole and trench collar locations, together with exploration results from the Guji, Komto 1 and Komto 2 prospects at the 100%-owned Nejo Project in Ethiopia. [Askari Metals’ 12 December 2025 announcement]
Beyond these priority targets, the Company also continued evaluating the broader Guliso Trend, extending approximately 10 kilometres, together with the high-grade copper potential at the Katta target in the northern portion of the project area. These prospects significantly enhance the exploration potential across the district-scale landholding.
Responsible Exploration Remains a Priority
Alongside technical work, Askari continued engaging with local communities, Ethiopian government authorities and regional stakeholders to ensure future exploration programs proceed responsibly.
The Company stated that maintaining strong local relationships remains central to securing land access, supporting sustainable exploration activities and advancing Nejo toward systematic drilling. This collaborative approach is expected to provide operational advantages as field programs accelerate.
Uis Project Strengthens Critical Metals Exposure
While Ethiopia remains the Company’s primary growth engine, Askari also continued advancing its 380 km² Uis Project in Namibia.
Located directly along strike from the operating Uis Tin Mine, the project provides exposure to a diverse suite of critical commodities, including:
| Primary Commodities | Tin, Tantalum |
| Strategic Metals | Lithium, Caesium, Rubidium |
During the quarter, the Company reviewed and interpreted historical trenching, mapping and sampling data across the project. Previous exploration confirmed high-grade tin and tantalum mineralisation across several pegmatite targets while also highlighting additional lithium, caesium and rubidium potential.
Current exploration remains focused on the PS, DP, OP and K9 pegmatite systems, together with prospective extensions across the Company’s Namibian tenure. The project also benefits from existing infrastructure, year-round road access and proximity to the Port of Walvis Bay, supporting future exploration efficiency.
Figure 4: Example of trenching activities at the K9 Target of Uis Project in Namibia, including geological mapping and channel sampling across the pegmatite to assess mineralisation. [Source: Askari Metals’ 10 June 2026 announcement]
Executive Director Highlights Strong Exploration Momentum
Executive Director Gino D’Anna expressed confidence in the Company’s near-term outlook, stating:
“Askari is entering a catalyst-rich period across its African portfolio. At Nejo, we have a district-scale gold-copper opportunity with multiple targets ready for drill testing. At Uis, we hold a strategic critical metals position in a proven Namibian pegmatite district. With near-term drilling, strong targets and clear exploration momentum, Askari is well placed to deliver meaningful news flow and unlock value for shareholders.”
The comments reinforce management’s strategy of generating value through systematic exploration while maintaining exposure to both precious and critical metals.
Forward Work Program Focuses on Drilling and Resource Growth
Looking ahead, Askari plans to transition from preparation into active exploration across both flagship projects.
The Company’s priorities include progressing mobilisation for the maiden drilling campaign at Nejo, validating historical high-grade mineralisation and establishing a pathway towards a future JORC (2012) Mineral Resource Estimate.
Additional work will include mapping, trenching, geophysical surveys and geochemical sampling across the broader Nejo project, while the Uis Project will continue advancing soil sampling, stream sediment surveys and RC drill target generation across its pegmatite systems. Investors can also expect regular exploration updates as these programs progress.
Financial Position Supports Exploration Activities
Askari maintained its disciplined financial approach during the quarter, directing available funding toward high-impact exploration across Ethiopia and Namibia.
At 30 June 2026, the Company reported:
| Share Price Activity (ASX) | Value |
|---|---|
| Last Price | $0.006 |
| Market Capitalisation | $4.73 million |
The Company also reported cash and cash equivalents of approximately $256,000, approximately $650,000 in listed securities available for sale, and access to an undrawn $350,000 working capital facility, providing additional financial flexibility as exploration activities accelerate. Exploration expenditure during the quarter totalled $121,000, reflecting ongoing technical work, stakeholder engagement and project planning.
Investors’ Outlook
Askari Metals enters the second half of 2026 with several meaningful exploration catalysts on the horizon. The planned maiden drilling program at the Nejo Gold-Copper Project represents the Company’s most significant near-term value driver, with multiple high-priority targets ready for testing across a highly prospective mineral corridor.
At the same time, continued advancement of the Uis Critical Metals Project broadens the Company’s exposure to commodities benefiting from long-term demand linked to electronics and the global energy transition.
Supported by disciplined capital allocation, an expanding technical understanding of both flagship assets and a clear pipeline of exploration activities, Askari appears well positioned to generate consistent news flow over the coming quarters. For investors seeking exposure to an emerging African explorer with diversified commodity exposure and multiple upcoming catalysts, Askari’s exploration strategy will remain closely watched as drilling and field programs commence.
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Disclaimer
This article has been prepared by Colitco in collaboration with Askari Metals Limited (ASX: AS2) as part of a commercial content and investor communications arrangement. Colitco may receive compensation for the production and distribution of this content. This article is intended for informational purposes only and does not constitute financial product advice, investment advice, or a recommendation to buy or sell any securities. The content reflects information available at the time of publication and may not be updated. All figures, data and statements have been sourced from Askari Metals’ official ASX announcements and publicly available sources. Readers should conduct their own independent research and seek professional financial advice before making any investment decisions. Past performance is not a reliable indicator of future results. Exploration results are not a guarantee of future resource definition or commercial production.
Elizabeth Jones is a finance and mining content specialist with over 10 years of experience creating clear, SEO-driven content across fintech, investing, banking, insurance, cryptocurrency, and resource markets. She transforms complex financial data and industry trends into engaging, reader-focused articles that improve understanding and audience engagement.
